Press releases

 

Aktogay expansion project (Aktogay II) includes the construction of a second sulphide ore processing plant and related infrastructure with a total value of $ 1.2 billion. After commissioning of the Aktogay II project, the sulphide ore processing capacity at Aktogay will increase from 25 to 50 million tons per year. Average annual copper production from sulphide ore will increase by 80 kt to 170 kt from 2022 to 2027 and by 60 kt to 130 kt in the following years.

The Bank’s cooperation with KAZ Minerals Aktogay LLP began in December 2016, when an agreement to open a $ 300 million credit line to complete the construction of a sulphide ore processing plant at the Aktogay deposit in East Kazakhstan Region was signed. In October 2017, the company reached the level of design production, after which it was decided to build a second ore processing plant to double the capacity, ”

 

 

In total, 997 new jobs will be created as part of the Aktogay expansion project.

JSC Development Bank of Kazakhstan (DBK) is a national development institute for the modernization and development of the non-primary and infrastructure sectors of the economy of Kazakhstan, established in 2001. The main activities: development of production infrastructure and manufacturing industry, promotion and attraction of foreign and domestic investments in the economy of the country. DBK is one of the largest investment operators of the state program of accelerated industrial-innovative development (SE FIID). (www.kdb.kz, facebook.com/kdb.kz). DBK is a member of the “Baiterek” National Managing Holding” JSC.

KAZ Minerals PLC (“KAZ Minerals”) is the largest copper producer in Kazakhstan. It operates the Bozshakol and Aktogay open pit copper mines in Pavlodar and East Region of Kazakhstan, three underground mines and associated concentrators in the East Region of Kazakhstan and the Bozymchak copper-gold mine in Kyrgyzstan. KAZ Minerals is listed on the London Stock Exchange and Kazakhstan Stock Exchange and employs around 14,000 people, mainly Kazakhstani citizens.

Aktogay is a large scale, open pit mine similar to Bozshakol, with a remaining mine life of 27 years (including the expansion project). Aktogay commenced production of copper cathode from oxide ore in December 2015 and copper in concentrate from sulphide ore in February 2017. Aktogay is competitively positioned on the global cost curve and will produce an average of 90 kt of copper per year from sulphide ore until 2021, increasing to 170 kt per year from 2022 to 2027, after the second concentrator commences operations. Copper production from oxide ore will be in the region of 20 kt per annum until 2025.